Introduction The Economy of Singapore Singapore is a small city-state and island country in Southeast Asia. Generally, the economy in Singapore is very well condition. Since the economy of Singapore is dependent on export and import, it always has been affected by related international crises. Country of Singapore lacks land and natural resources, like fuels, metals, or minerals. The primary sector does not make any significant contribution to the GDP.
Introduction Singapore is widely regarded by the global community as a developed nation. As a city-state with no natural resources and humble beginnings as a small fishing village, it may seem nothing short of a miracle that Singapore is where it is today, as these circumstances have not stopped Singapore from achieving high economic growth, boasting one of the world’s highest Gross Domestic Product (GDP) per capita. These accomplishments can be accounted to several key milestones in Singapore’s past that have influenced the country’s policy-making decisions, such as the introduction of free trade in Singapore, as well as principles of governance left from its colonial days under the British. Free Trade in Singapore One of the most important
Water, our main source of survival is even such a limited resource that we have to purchase our water from Malaysia. Other countries can also grow their own food, but Singapore is just too small to be selfsufficient. Singapore has three food taps, imports, self production and stockpiles. However, Singapore only produced 10% of its food and imports the other 90%. Thus, can be said that Singapore is extremely vulnerable to external factors such as climate change in other countries.
Over the decades, Singapore's exports composition has evolved from labour-intensive to high value-added products, such as chemicals, electronics and even to biomedical. Singapore is also an important financial center. It is a leading foreign direct investment recipient due to its status of one of the freest, most competitive, most business-friendly economies in the world. Singapore's economic growth is the results of proper macroeconomic policies aimed at maintaining a conducive environment for long-term investment in the economy. Monetary policy Since 1981, monetary policy in Singapore centered on the exchange rate and controlling inflation.
Clement Zhe Xuan Yew Singapore Economy 1960-1970 (10 years period) Singapore is a country that without any natural resources, but the years between 1960-1984 annual GDP Growth 9%, and let it became one of the Asian economic "tigers". The factor made Singapore economy growth is because the government has played a very important role in the development of Singapore from a small island to a "tiger" in the Asian economy nowadays. During that time Singapore was Colonial Rule by England, also Singapore is a single economic structure, only entrepot trade, and doesn’t have any basic industries. After World War 2, Singapore's entrepot trade has fallen sharply. The Singapore famous economist stated that: We can't longer depend on entrepot trade, the first problem Singapore need to solve is unemployment, the second problem is to get rid of the over-reliance on entrepot trade settlement economic structure.
Economic Growth Singapore was classified as one of the fastest developing country in the world, this is based on the fact its GDP grew at an average of 7.7% annually since gaining its independence and within the first 25 years its growth was averaging 9.2%. Credited for this positive trend was the continuous industrialization occurring especially in the manufacturing industry. The unemployment rate was decreasing, persons were able to access low income homes, education was readily available and health care and security was accessible to all, for these were seen as the basic needs that must be provided to its people in order for development to continue. Additionally, citizens were encouraged to safe and it became mandatory that a portion
The people elect representatives to lead the nation. Since_its independence, Singapore have been relative political stability. The stability has translated to peace and a better standard of living and business opportunities for Singapore. Economical Economy of Singapore is based on its role primarily and neighbor countries. The main reason is its strategic geographic location to
Moreover, they show high a per capita GDP. Singapore is in 7th position in the world. ・Political Singapore is officially a republic. In Singapore, the Prime Minister has the executive power. The Prime Minister is appointed by the President, who is the head of state and ceremonial as the function.
As the most open economy in the world, in 2016 total trade value of Singapore accounts for about 1.95% of the total world trade (World Economic Forum, 2016). In 2016, Singapore is the world’s 14th largest exporter with export value of 315 billion USD and the 17th largest importer with import value of 259 billion USD, it has trade surplus of 55.4 billion USD. Besides, according to the Economic Complexity Index (ECI), which measures the diversity and complexity of the export products of a country, Singapore was ranked at the 4th position (The Observatory of Economic Complexity, *; Atlas,*). The top trade partners of Singapore are China, Hong Kong, Malaysia, the United States, Japan and Indonesia (World Integrated Trade Solution, *). Looking at